[Ni] CBI Morning Review - 2009/1/20 Nickel Market

SHANGHAI, Jan. 20 (CBI China) -- Yesterday, the United States was on holiday for Martin Luther King Day, but the commodity markets were still not in calm. Crude oil price fell sharply to the previous low at USD 34/mt by 5.8%, the dollar index rose to a new high with one month by 1.2%. Metal prices increased sharply in the U.S. time after fell in Asia and Europe time, and the copper and nickel price experienced the significant increases. On the one hand, the market was optimistic about the economy after Obama comes to power; on the other hand, Chinese copper reserve plan has also become a factor for the market speculation. From the technical side, the nickel prices are expected to fluctuate widely in the USD 10,500-11,500/mt due to the shortage of efficient support, waiting for the results after Obama comes into power.

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